374Water Inc. Reports Third Quarter 2024 Results and Business Update

On November 13, 2024, 374Water Inc. (NASDAQ: SCWO) released its financial results for the third quarter ended September 30, 2024, along with a comprehensive business update. The company, renowned for its organic waste destruction technology, highlighted key achievements and provided insights into its operational progress.

CEO Christian Gannon expressed the company’s advancement in executing strategic initiatives, particularly focusing on the commercialization of AirSCWO technology for the global organic waste destruction market. The recent operational deployment in the City of Orlando marked a significant milestone, demonstrating the effectiveness and versatility of 374Water’s technology across diverse waste streams. The company aims to position itself as a leading solution provider for organic waste destruction across various sectors.

Financially, 374Water reported revenue of approximately $81,000 for the quarter concluding September 30, 2024, signifying a notable increase from the same period in 2023. However, for the nine months ending September 30, 2024, revenue was approximately $434,000, reflecting a decrease compared to the previous year. This revenue fluctuation was attributed to factors like progress on sold units and service revenues from treatability studies, influencing the overall financial performance.

Operating expenses for the first nine months of 2024 rose to $7.7 million, increasing from $5.2 million in the corresponding period in 2023. The escalation was primarily driven by higher general and administrative expenses, professional fees, and research and development expenses. These expenditures were associated with expanding the executive team, relocating manufacturing facilities, and ongoing commercialization efforts.

As of September 30, 2024, 374Water held a working capital of $4.5 million and had no outstanding debt obligations. The company’s board of directors recently approved a registered offering for the sale of units composed of common stock and warrants.

The company also announced key appointments and achievements, including the appointment of Peter Mandel as General Counsel and successful operational integration of the AirSCWO system at Orlando’s Iron Bridge Water Pollution Control Facility.

An earnings conference call is scheduled for November 14, 2024, to delve deeper into the business update, quarterly results, and facilitate a Q&A session. Participants can access the call via phone or a live webcast.

374Water Inc., a global leader in innovative waste treatment solutions, remains committed to advancing sustainable practices and addressing environmental challenges across various sectors. Interested individuals can find more information on the company’s website or follow updates on LinkedIn.

(Note: The financial data and information contained in this article are sourced directly from the 8-K SEC Filing by 374Water Inc.)

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read 374Water’s 8K filing here.

About 374Water

374Water Inc provides a technology that transforms wet wastes into recoverable resources in the United States. The company transforms wet wastes, including sewage sludge, biosolids, food waste, hazardous and non-hazardous waste, and forever chemicals. It offers AirSCWO systems, a waste stream treatment system based on supercritical water oxidation that are used to treat various hazardous and non-hazardous waste streams.